support
Send this page to a colleagueData quality news
Poor data quality 'costs Irish companies billions'
Mar 8 2010, 09:34 AM
A failure to maintain high levels of data quality is costing businesses in Ireland billions of euros every year, one expert has suggested.
Gary McSherry of Sogeti was quoted by SiliconRepublic.com as saying his organisation's research shows the country has a "significant problem" in this area, with its companies losing out by up to €10 billion per annum.
Explaining how the number could be so big, he commented: "While poor data quality is accepted in most organisations, the cumulative impact can be enormous and lead to increased cost - at least 10%, but probably as much as 20% of revenue."
Mr McSherry pointed to figures from the Data Warehousing Institute showing the scale of the problem in the US, where poor quality customer information is thought to cost more than 6% of gross domestic product alone. Ireland, he claimed, appears to be no better.
His remarks follow a survey of major top tier buy and sell-side organisations by Lepus and Thomson Reuters, which found 77% plan to increase data quality systems spending over the next 12 months.
Find out about our contact data management solutions
Related articles...
-
Businesses 'benefit from data quality improvements'
- Jul 30 2010, 13:40 PM The TDWI Checklist Report on Product Data Quality states that businesses can benefit from making improvements to their data quality.
-
Poor data quality 'can cause PR disaster'
- Jul 30 2010, 13:38 PM Customer complaints due to data quality errors can harm the image of a brand, it has been claimed.
-
Get creative 'and maximise effectiveness of direct mail'
- Jul 29 2010, 17:55 PM Direct mail should be made more creative in order to attract potential buyers, it has been said.
For more news, you can also click on the category of your choice in the right hand menu.
